PHAROAH COMPANY Balance Sheets December 31 (in thousands) 2022 2021 Current assets Cash and cash equivalents...

PHAROAH COMPANY Balance Sheets December 31 (in thousands)
	2022	2021
Current assets
Cash and cash equivalents	$330	$360
Accounts receivable (net)	570	500
Inventory	640	570
Prepaid expenses	130	160
Total current assets	1,670	1,590
Property, plant, and equipment (net)	410	380
Investments	110	110
Intangibles and other assets	530	510
Total assets	$2,720	$2,590
Current liabilities	$920	$890
Long-term liabilities	660	560
Stockholders’ equity—common	1,140	1,140
Total liabilities and stockholders’ equity	$2,720	$2,590

PHAROAH COMPANY Income Statements For the Year Ended December 31 (in thousands)
	2022	2021
Sales revenue	$3,980	$3,640
Costs and expenses
Cost of goods sold	1,070	990
Selling & administrative expenses	2,400	2,330
Interest expense	10	20
Total costs and expenses	3,480	3,340
Income before income taxes	500	300
Income tax expense	200	120
Net income	$ 300	$ 180

Compute the following ratios for 2022 and 2021. (Round current ratio and inventory turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 12.6%.)

(a)		Current ratio.
(b)		Inventory turnover. (Inventory on December 31, 2020, was $410.)
(c)		Profit margin.
(d)		Return on assets. (Assets on December 31, 2020, were $2,540.)
(e)		Return on common stockholders’ equity. (Equity on December 31, 2020, was $950.)
(f)		Debt to assets ratio.
(g)		Times interest earned.

	2022		2021
Current ratio.		:1		:1
Inventory turnover.
Profit margin.		%		%
Return on assets.		%		%
Return on common stockholders’ equity.		%		%
Debt to assets ratio.		%		%
Times interest earned.

Expert Solution

If you have any query ask in comment section. If you like the answer plz rate. Thanks

ekkarill92 answered 1 year ago

The current sections of Ivanhoe Company’s balance sheets at December 31, 2021 and 2022, are presented...

The current sections of Ivanhoe Company’s balance sheets at December 31, 2021 and 2022, are presented here. Ivanhoe Company’s net income for 2022 was $165,100. Depreciation expense was $27,300. 2022 2021 Current assets Cash $40,300 $ 57,850 Accounts receivable 55,250 44,850 Inventory 50,700 40,300 Prepaid expenses 11,050 12,350 Total current assets $157,300 $155,350 Current liabilities Accrued expenses payable $ 3,900 $ 10,400 Accounts payable 57,200 46,800 Total current liabilities $61,100 $ 57,200 Prepare the net cash provided by operating activities section...

Sunland Company Comparative Balance Sheets December 31 Assets 2022 2021 Change Increase/Decrease Cash $94,400 $57,600 $36,800...

Sunland Company Comparative Balance Sheets December 31 Assets 2022 2021 Change Increase/Decrease Cash $94,400 $57,600 $36,800 Increase Accounts receivable 99,200 35,200 64,000 Increase Inventory 70,400 –0– 70,400 Increase Prepaid expenses 9,600 6,400 3,200 Increase Land 88,000 112,000 24,000 Decrease Buildings 320,000 320,000 –0– Accumulated depreciation—buildings (33,600 ) (22,400 ) 11,200 Increase Equipment 292,800 108,800 184,000 Increase Accumulated depreciation—equipment (44,800 ) (16,000 ) 28,800 Increase Totals $896,000 $601,600 Liabilities and Stockholders’ Equity Accounts payable $68,800 $64,000 $4,800 Increase Accrued expenses payable...

The current sections of Larkspur, Inc.’s balance sheets at December 31, 2021 and 2022, are presented...

The current sections of Larkspur, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Larkspur, Inc.’s net income for 2022 was $221,850. Depreciation expense was $39,150. 2022 2021 Current assets Cash $152,250 $ 143,550 Accounts receivable 116,000 129,050 Inventory 243,600 249,400 Prepaid expenses 39,150 31,900 Total current assets $551,000 $553,900 Current liabilities Accrued expenses payable $ 21,750 $ 7,250 Accounts payable 123,250 133,400 Total current liabilities $145,000 $ 140,650 Prepare the net cash provided (used) by operating...

The current sections of Grouper Corp.’s balance sheets at December 31, 2021 and 2022, are presented...

The current sections of Grouper Corp.’s balance sheets at December 31, 2021 and 2022, are presented here. Grouper Corp.’s net income for 2022 was $260,100. Depreciation expense was $45,900. 2022 2021 Current assets Cash $178,500 $ 168,300 Accounts receivable 136,000 151,300 Inventory 285,600 292,400 Prepaid expenses 45,900 37,400 Total current assets $646,000 $649,400 Current liabilities Accrued expenses payable $ 25,500 $ 8,500 Accounts payable 144,500 156,400 Total current liabilities $170,000 $ 164,900 Prepare the net cash provided (used) by operating...

ALLENDALE COMPANY Balance Sheets As of December 31 2019 2018 Assets Current assets Cash $ 40,000...

ALLENDALE COMPANY Balance Sheets As of December 31 2019 2018 Assets Current assets Cash $ 40,000 $ 36,000 Marketable securities 20,000 6,000 Accounts receivable (net) 54,000 46,000 Inventories 135,000 143,000 Prepaid items 25,000 10,000 Total current assets 274,000 241,000 Investments 27,000 20,000 Plant (net) 270,000 255,000 Land 29,000 24,000 Total assets $ 600,000 $ 540,000 Liabilities and Stockholders’ Equity Liabilities Current liabilities Notes payable $ 17,000 $ 6,000 Accounts payable 113,800 100,000 Salaries payable 21,000 15,000 Total current liabilities 151,800...

Pharoah Company’s comparative balance sheets are presented below: Pharoah Company Comparative Balance Sheets December 31 2020...

Pharoah Company’s comparative balance sheets are presented below: Pharoah Company Comparative Balance Sheets December 31 2020 2019 Cash $ 17,000 $ 17,500 Accounts receivable 25,000 22,400 Investments 19,850 16,050 Equipment 60,050 69,750 Accumulated depreciation—equipment (13,750 ) (10,400 ) Total $108,150 $115,300 Accounts payable $ 14,750 $ 11,250 Bonds payable 10,400 30,000 Common stock 49,500 45,200 Retained earnings 33,500 28,850 Total $108,150 $115,300 Additional information: 1.Net income was $18,450. Dividends declared and paid were $13,800. 2.Equipment which cost $9,700 and had...

Cash and cash equivalents balance, December 31, 2014 $ 38,000 Cash and cash equivalents balance, December...

Cash and cash equivalents balance, December 31, 2014 $ 38,000 Cash and cash equivalents balance, December 31, 2015 106,856 Cash received as interest 3,800 Cash paid for salaries 110,200 Bonds payable retired by issuing common stock (no gain or loss on retirement) 170,000 Cash paid to retire long-term notes payable 190,000 Cash received from sale of equipment 93,100 Cash received in exchange for six-month note payable 38,000 Land purchased by issuing long-term note payable 98,600 Cash paid for store equipment...

Crane Company has these comparative balance sheet data: CRANE COMPANY Balance Sheets December 31 2022 2021...

Crane Company has these comparative balance sheet data: CRANE COMPANY Balance Sheets December 31 2022 2021 Cash $ 27,105 $ 54,210 Accounts receivable (net) 126,490 108,420 Inventory 108,420 90,350 Plant assets (net) 361,400 325,260 $623,415 $578,240 Accounts payable $ 90,350 $ 108,420 Mortgage payable (15%) 180,700 180,700 Common stock, $10 par 252,980 216,840 Retained earnings 99,385 72,280 $623,415 $578,240 Additional information for 2022: 1. Net income was $27,900. 2. Sales on account were $382,300. Sales returns and allowances amounted to...

BALANCE SHEET December 31, 20X8 and 20X7 (in thousands) 20X8 20X7 Assets Current assets Cash and...

BALANCE SHEET December 31, 20X8 and 20X7 (in thousands) 20X8 20X7 Assets Current assets Cash and cash equivalents $3,019 $1,050 Trade receivables 485 450 Prepaid advertising expenses 59 609 Prepaid expenses and other current assets 175 230 Total current assets 3,738 2,339 Fixed assets, net 3,321 3,926 Total assets $7,059 $6,265 Liabilities and shareholders' equity Current liabilities Accounts payable $1,070 $ 909 Current maturities of notes payable 42 316 Deferred revenue 1,973 1,396 Other current liabilities 171 12 Total current...

Joshua & White Technology: December 31 Balance Sheets (Thousands of Dollars) 2019 2018 Assets Cash $...

Joshua & White Technology: December 31 Balance Sheets (Thousands of Dollars) 2019 2018 Assets Cash $ 21,000 $ 20,000 Short-term investments 3,759 3,240 Accounts receivable 52,500 48,000 Inventories 84,000 56,000 Total current assets $161,259 $127,240 Net fixed assets 223,097 200,000 Total assets $384,356 $327,240 Liabilities and Equity Accounts payable $ 33,600 $ 32,000 Accruals 12,600 12,000 Notes payable 19,929 6,480 Total current liabilities $ 66,129 $ 50,480 Long-term debt ...

Question